Notes to SEFA
Title: 1. Basis of Presentation
Accounting Policies: Modified accrual basis of accounting.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimus cost rate.
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Benton County (the "County") under programs of the federal government for the year ended June 30, 2023. Because the Schedule presents on a selected portion of the operations of the County, it is not intended to and does not present the financial position or changes in net position of the County.
Title: 2. Summary of Significant Accounting Policies
Accounting Policies: Modified accrual basis of accounting.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimus cost rate.
The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards ("Uniform Guidance"). Receipts and expenditures are accounted for using the modified accrual basis of accounting. Revenues are recorded when measurable and available, or in the case of grants where expenditures is the prime factor for determining eligibility, when the expenditure is made. Expenditures are recorded when a liability is incurred.
Title: 3. Indirect Cost Rate
Accounting Policies: Modified accrual basis of accounting.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimus cost rate.
The County has elected to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance.